Based on the closing price of 2065438+20081October 29th, by 2023, the Hang Seng Index had dropped by 28.21%; In the same period, the Shanghai and Shenzhen 300 rose by 4. 16%, and the growth enterprise market index rose by 130.92%. Standard & Poor's. P 500 rose by 58.24%, and Nasdaq Composite Index rose by 90.72%.
So, what is the difference between Hong Kong stocks and the well-known A-shares? Let's take a look.
1. Listed companies are mainly enterprises in Chinese mainland, but their industrial structures are quite different.
According to HKEx official website statistics, at the end of 2020 and the end of 20021,the total market value of domestic listed companies accounted for 80. 10% and 78.90% of Hong Kong stocks respectively, and the turnover accounted for 89.30% and 88.30% respectively.
From this perspective, A shares and Hong Kong stocks are mainly domestic listed companies, but the former is "home" and the latter is "away".
Judging from the industry composition of listed companies, A-shares are dominated by traditional industries, while Hong Kong stocks have both traditional industries and new economic industries. Especially in the past two years, with the continuous return of China Stock Exchange to Hong Kong stocks, the proportion of new economic industries represented by the Internet in Hong Kong stocks has further increased.
The following table shows the details of the top ten mainland enterprises with the heaviest A shares and Hong Kong stocks.
From the perspective of investor composition, A-shares are mainly local investors, while Hong Kong stocks are mainly investors outside Hong Kong. The latter has obvious characteristics of offshore financial market.
20021September 4th, at the annual forum of 20021CICC held during the special session of the service trade fair 202 1 financial services, Fang Xinghai, vice chairman of the CSRC, said that the opening of China's capital market will attract more overseas medium and long-term funds. By the end of August, 20021,the circulating market value of A shares held by foreign investors was 3.47 trillion yuan, accounting for about 4.70% of the circulating market value of A shares in China. In the Statistical Yearbook of Shanghai Stock Exchange (20 19) and the end of 2020, the market value of A shares held by foreign investors through Shanghai Stock Connect accounted for 2.79% and 3.34% of the total, respectively, showing an upward trend year by year, but the proportion is still low.
According to HKEx's Spot Market Trading Research Survey 20 19, in 20 18 and 20 19, the trading volume of local investors in Hong Kong only accounted for 30.00% and 30.40%, while the trading volume from the United States, Europe, Asia, other regions and exchange participants themselves accounted for 9.60% respectively.
3. From the perspective of investor structure, Hong Kong stock trading is dominated by institutional investors, which is quite different from A shares.
Among A-share investors, in recent years, the market value of positions held by natural person investors accounted for about 20%, but the transaction accounted for more than 80%.
Needless to say, A shares are a market dominated by individual investors.
As shown in the figure below, Hong Kong stocks are mainly traded by institutional investors.
According to HKEx spot market trading research survey 20 19, in 20 18 and 20 19, individual investors only accounted for 16.30% and 20.30% of the transactions, while various institutional investors accounted for 83.40% and 79.70% of the transactions.
4. Hong Kong stocks are international capital markets, and the degree of internationalization of A shares is still relatively low.
Like Hongkong, new york, London, Tokyo and Frankfurt, it is an international capital market spontaneously formed by institutional investors who buy and sell financial products such as stocks in the stock exchanges of countries or regions with freely convertible currencies. Hong Kong is a part of the international capital market.
In essence, the international capital market is the same institutional investor, trading in different exchanges and using the same rules. Hongkong and new york are of the same nature. At present, US dollar capital still dominates the market.
Because RMB is not a freely convertible currency, A shares are also an open capital market, but the level of internationalization is still relatively low.
5. The liquidity of Hong Kong stocks is much lower than that of A shares.
The average daily turnover of Hong Kong stocks in 2020 and 2002/kloc-0 was HK$ 129476 billion and HK$16673 billion respectively, and the total turnover in 2020 and 2002/kloc-0 was HK$ 32.1/trillion respectively. Compared with the total market capital
In other words, the Shanghai stock market has changed hands twice to 2.5 times a year in the past two years.
The turnover rate in Shenzhen is higher.
The stock turnover of Shenzhen Stock Exchange in 2020 and 20021year was 122.84 trillion yuan and 143.97 trillion yuan respectively. Compared with the total market value of 26.36 trillion yuan and 3 1.6 1 trillion yuan at the end of 2020 and 202 1, the annual turnover rate is 466.05438+0% and 455.46% respectively.
Shenzhen changed hands more than 4.5 times in 2020 and 20021year.
In 2020 and 20021year, the turnover rate of all A shares (calculated by the market value at the end of each year) was about 32 1.36% and 334.42%. (Coincidentally, it is roughly equivalent to the average stock turnover rate of all partial stock funds)
6. Differences in other details.
1) The number of shares in the whole hand is different.
Each lot contains 65,438+000 A shares, and the number of Hong Kong stocks per lot is freely set by listed companies. Some are 100 shares, some are 200 shares, 500 shares or even 1000 shares.
2) Different price restrictions
A-share market 10% price limit, GEM and science and technology innovation board 20%, Beijiao 30%.
Hong kong stocks do not rise or fall.
Limited.
3) Different trading rules
A shares are subject to T 1 trading rules, and stocks bought on the same day will not be sold until the next trading day; Hong kong stocks implement the T 0 trading mechanism, and the stocks bought on the same day can be sold on the same day.
4) The number of derivatives is different.
There are many stock market derivatives in Hong Kong stock market, such as stock index futures, derivative warrants, equity warrants, intra-plate warrants, bull-bear warrants and so on. However, apart from stock index futures, there are few or no other trading varieties of A shares.
All the opinions and funds involved in this paper do not constitute investment advice, but a true record of my thinking and practice, so I will invest in this market at my own risk.
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Related question and answer: How many shares are there in one hand? First-hand stock is the minimum amount of a transaction in the securities market, and the regulations in each market are different. According to the regulations of China and Shenzhen Stock Exchanges, one share is equal to 100 shares.
It can be understood that the first-class stock is the minimum limit of the securities market, and the regulations of each market are different.
1) A shares
According to the regulations of China, Shanghai Stock Exchange and Shenzhen Stock Exchange, the minimum trading volume is that A shares are equal to one hand 100 shares. In China, the number of shares per hand is generally reported by the issuing company to the People's Bank for approval. When the inventory is insufficient, we call it broken inventory.
2) Hong Kong stocks
The trading rules of Hong Kong stocks are different, so the number of shares traded in Hong Kong stocks is not fixed (each listed company decides how many shares to hand), and the number of shares in different stocks is different, which can be seen on the stock details page. There are 400 shares in one hand, 1000 shares in one hand, 2000 shares in one hand, 4000 shares in one hand and so on.
3) US stocks
In the stock trading of American stock market, "hand" is not a unit. In the United States, the smallest trading unit is one share. There is no limit on the number of shares in each transaction of US stocks, and only one share can be bought, so the investment threshold of US stocks is relatively low.
Extended data
The first thing that new shareholders should do is to open a stock account (that is, a shareholder card) for themselves. A stock account is equivalent to a "bank account", and investors can only buy and sell securities by opening a stock account.
If you want to buy and sell stocks listed in Shanghai and Shenzhen, investors need to open stock accounts in Shanghai Stock Exchange and Shenzhen Stock Exchange respectively. The opening of Shanghai and Shenzhen A-share stock accounts must be handled by the securities registration company or its authorized account-opening agency.
There are many different kinds of stock accounts. Individual investors need to open A-share accounts if they want to buy and sell A-shares in Shanghai and Shenzhen stock markets.